Wells Fargo Short Sales

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Wells Fargo Short Sales

Wells Fargo and ASC (America's Servicing Company)

This group is for information, tips and solutions for Wells Fargo short sales.

Members: 1435
Latest Activity: Jan 6

Wells Fargo Short Sale Information

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Wells Fargo Short Sale Info and Items Needed

Wells Fargo Short Sale Dept 1-866-903-1053    (see below for ASC forms)
Short Sale FAX 1-866-969-0103
Letter of Authorization Fax 1-866-917-1877

Mortgage Servicing 1-877-841-5301.

Wells Fargo Line of Credit Division 866-961-6861 or 866-970-7821

Third Party Authorization: 866-917-1877 (fax)
Fax: 866-834-7850 or 866-834-7949

Email format [email protected]
OR [email protected]

ESCALATION DEPARTMENT 866-605-0829

Wells Fargo Executive Offices:  800-853-8516

Discussion Forum

Denying Buyer

Started by Susana Nunez. Last reply by Cami Pinsak Oct 26, 2017. 10 Replies

Escalation

Started by Steven Jackson. Last reply by Ben Benita Oct 18, 2017. 2 Replies

Comment Wall

Comment

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Comment by Sharon Burgos on December 13, 2013 at 5:54pm
The interesting thing to me is that I had to challenge the negotiator to get a straight answer and a chance at getting this offer accepted. Why did he tell me my buyer was not approved and, therefore, he could not submit the offer for review? Now at least I have the opportunity to get the docs submitted and get the offer reviewed.
Comment by Thom Colby CA Brkr 888-391-5245 on December 13, 2013 at 5:48pm

And, there you have it - there's always more to the story.

@Ron, Any Mortgage Holder can refuse to approve a short sale for any buyer on any property they desire and they do.....

Comment by Pattilynn Guilford on December 13, 2013 at 5:48pm

True .. they will require all of those docs. Not sure why as it's not an origination loan.

Comment by Sharon Burgos on December 13, 2013 at 5:44pm
After questioning how WF could get away with refusing to work with certain buyers, the negotiator now tells me that actually the real problem is the buyer has a history of not submitting all required LLC docs. The buyer LLC has 5 member companies that own some percentage of it, and WF wants LLC docs for each of the 5 member companies. So, if my buyer will submit all those LLC docs, he says he can submit the offer for review.
Comment by Pattilynn Guilford on December 13, 2013 at 4:08pm

Blackstone is American Homes 4 Rent biggest competitor. Depends which servicers are connected to whom.

Comment by joe beauchamp on December 13, 2013 at 3:36pm

Some of these investment companies are partially owned by the servicers so there is a clear conflict of interest - the servicer paid to get the best deal for the investor buying the property itself.

Probably what most agents think is that these are investors that lowball and play games with the bank. I've only seen BofA do this once and that was with the seller, so they do have lists, but seem to rarely use them for game-players, just big investor conflicts. (Which, according to the news, have been buying properties for the last 3 years, found that dealing with renters is a pain and now unloading them like mad, so head's up..)

Comment by Thom Colby CA Brkr 888-391-5245 on December 13, 2013 at 2:35pm

There is a list of "Flagged" Buyers many lenders will not allow to buy short sales.  They have their reasons and they are probably legitimate......

Comment by Teresa Keeler on December 13, 2013 at 1:52pm

I just had the exact same thing happen. My buyer was an investment company as well and I just received the decline today. Their reasoning was that it did not pass "quality control". My buyers are going to buy in their personal names and quit claim it to the investment company after closing. It definitely seems to me lenders are looking for reasons to deny short sales these days. 

Comment by Donna Clayton, Broker, MBA on December 13, 2013 at 1:25pm

Yes they can refuse certain specific buyers or certain general types of buyers (e.g. investors, brokers etc).

Comment by Sharon Burgos on December 13, 2013 at 1:21pm

Has anyone heard of Wells Fargo refusing to work with certain buyers (investment companies)?  I heard from our negotiator today that the buyer who submitted the most recent offer is not an "approved" buyer.  Therefore, they are rejecting the offer.  I know a lender can refuse a short sale on the numbers, but can they really refuse to work with certain buyers?

 

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